Short-Term Loans

Thursday, December 11, 2014 4:25:00 PM

The Short-Term Loan program provides temporary funds to you for books and supplies, living expenses, medical expenses, unexpected emergencies, and other expenses related to your attendance at Illinois. They may also be provided to you if you’re experiencing delays in receiving your financial aid funds. A Short-Term Loan can’t be used to pay university charges.

Borrowing & Interest Rates

Each semester, undergraduates may request a loan for up to $600, and graduate and professional students may request up to $1,000. A service fee of $3.00 is assessed to your university account at the time the loan is disbursed. The loan is due on the 28th of the following month. No interest will accrue if the loan is repaid by the due date. Interest of 1.5% per month (18% per annum) will be charged on loans that are past due.

If the eligibility criteria are met, 1 Short-Term Loan may be approved per semester, barring extenuating circumstances. You don’t have to apply for or be receiving financial aid to apply for a Short-Term Loan. You won’t be approved for a Short-Term Loan if you have a credit balance on your university account or a refund of excess financial aid is in the process of being issued.

Eligibility

Undergraduates must be registered for 6 or more credit hours (fall, spring, or summer, while graduate and professional students must be registered for 6 or more credit hours during fall and spring semesters and 3 or more credit hours during the summer.

You must not have a delinquent balance with the university, and you must have a valid iCard. If you don’t repay your Short-Term Loan by the due date indicated on the application or promissory note, you may lose eligibility to receive future Short-Term Loans.

If you have extenuating circumstances, one of our full-time staff members may approve a higher loan limit or additional Short-Term Loans during a semester if you provide sufficient reasons. Full-time OSFA staff members may also make professional judgment exceptions to the eligibility criteria above.

Where to Apply for a Short-Term Loan

All students may apply for a Short-Term Loan in our office. College of Veterinary Medicine students may also apply in Room 2271G of the Veterinary Medicine Building, and College of Law Students may also apply in Room 201 of the Law Building.